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India Buying More Oil From Russia Vs November, Says Hardeep Puri; Allays Shortage Concerns

Amid concerns over disruptions in global energy markets following escalating tensions in West Asia, Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday sought to reassure consumers, asserting that India remains well-positioned in terms of energy security and fuel availability.

Speaking to NDTV, Puri said India is currently purchasing significantly more crude oil from Russia compared with November last year and has successfully diversified its sourcing strategy by importing crude from as many as 41 countries. 

The minister stressed that the country's energy requirements remain adequately met despite ongoing geopolitical uncertainties.

Puri credited the leadership of Prime Minister Narendra Modi for ensuring both the availability and affordability of fuel for Indian consumers.

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He noted that the government has consistently prioritised shielding citizens from the impact of global price volatility.

Addressing concerns over a potential fuel shortage, the minister said there is no cause for alarm, adding that India is well supplied and prepared to manage any external disruptions. 

He, however, pointed out that nearly 60% of the country's LPG imports and around 90% of its crude oil imports traditionally transit through the Strait of Hormuz, reflecting the strategic importance of the maritime route.

Puri also criticised opposition-ruled states for not fully complying with fuel price-related measures, while highlighting that the Centre had absorbed significant fuel price pressures in recent years. 

He noted that fuel prices were last revised upward in February 2022.

Reiterating the government's commitment to energy access, the minister said nearly 33 crore Indian households continue to have sufficient fuel supplies for their daily needs.

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from NDTV News- Special https://ift.tt/5Vjsnz2
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